Filter fcurves using script
You can move them into a Channel group to get them out of the way, but you can not hide the overview of the channels.

The user can do this by marking the channels with SHIFT and pressing CTRL+G

And with coding:

group = bpy.data.actions['CubeAction'].groups.new("hidden")
bpy.data.actions['CubeAction'].fcurves[0].group=group